Africa: AMCON blames airlines’ failure on sharp practices

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Sharp practices by airline owners such as over-invoicing in the course of purchasing aircraft and other unwholesome practices have been identified as responsible for the short lifespan of private airline investment in the country. Disclosing this in Lagos yesterday, the Chief Executive Officer, Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, said that was the case with Arik Air and […]

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Africa: Arik wasted $240m on two A340 planes- AMCON

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The Assets Management Corporation of Nigeria (AMCON) has blamed the short life span of Nigerian airlines on what it called financial recklessness by the operators. Managing Director/Chief Executive Officer of the Corporation, Ahmed Kuru, specifically faulted aircraft acquisition without the due diligence of feasibility studies. He said Arik Air which is under its receivership blew $240m on acquisition of two […]

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Africa: National Carrier: Please Ignore Amcon

Aligbe AMCON

This piece has become necessary following the recent proposal by the CEO of the Asset Management Corporation of Nigeria (AMCON) to the National Assembly that the Minister of Aviation should merge Arik and Aero and use them to float a National Carrier rather than starting a brand new one, which has been on the works for the last four years. […]

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AMCON wants Federal Government to adopt Arik Airline as national carrier

Arik air airlines aviation amcon

The Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, has advised the Federal Government to consider adopting Arik Airline as national carrier, instead of floating a new airline from the scratch. Kuru, while acknowledging the strategic and critical role the aviation sector plays in national development, called on the National Assembly […]

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Africa: AMCON at NTM urge Nigeria to concession Airports

The Asset Management of Nigeria (AMCON), has called on the Federal Government to concession the country’s 22 airports to make them more functional and viable. The Managing Director Asset Management of Nigeria, Ahmed Lawan Kuru who at the third edition of Colloquium 2018 organised by Nigeria Travels mart.com, said it is in the interest of the nation and the aviation […]

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Africa: FG, AMCON undecided over Arik, Aero Contractors airlines

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The Federal Government is at the crossroads in deciding what to do with the duo of Arik Air, and Aero Contractors that are currently being managed by the Asset Management Corporation of Nigeria (AMCON). Recall that AMCON took over Aero Contractors in February 2016, and a year later, also acquired the management and control of Arik Air over alleged gross […]

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Africa: AMCON to divest from Aero Contractors

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The Asset Management Corporation of Nigeria (AMCON) is set to divest its interest in Aero Contractors, the Chief Executive Officer of the airline, Capt. Ado Sanusi, has confirmed. “The Asset Management Corporation of Nigeria has a plan to divest its shares in Aero Contractors and I think they have been doing that with more investors and that is what they […]

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Africa: What We’ll Do With Arik Air, Aero Contractors – AMCON

arik

AMCON’s Senior Vice-President and Head of Receivership Support, Kamilu Omokide, told newsmen in Lagos on Wednesday that the company would not be delving further into the sector. The Assets Management Company of Nigeria says its involvement in aviation business is limited to the recovery of loans obtained by Arik Air and Aero Contractors Limited. AMCON’s Senior Vice-President and Head of […]

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Africa: How we restored confidence in Nigerian Aviation with the takeover of Arik and Aero- AMCON

AMCON arik carrier

The Asset Management Corporation of Nigeria (AMCON) has revealed that the Federal Government ordered it to take over the troubled Nigerian carrier Arik Air to save it from total collapse. AMCON said that as at the time it was taking over the airline in February this year, the carrier was already enmeshed with a major crisis that would have led […]

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Africa: 350 Nigerian big men owe more money than the National deficit

AMCON

IT is no longer news that the Federal Government will be going cap in hands to raise N2.3 trillion loans from local and international sources to fund this year’s Appropriation of N7.44 trillion. What is news is that the cash trapped in the hands of some 350 Nigerians is more than the deficit in the Budget of Economic Recovery and […]

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